Posted on 02/14/2011 10:06:24 AM PST by NormsRevenge
WASHINGTON – President Barack Obama sent Congress a $3.73 trillion budget Monday that holds out the prospect of eventually bringing deficits under control through spending cuts and tax increases. But the fiscal blueprint largely ignores his own deficit commission's view that the nation is imperiled unless huge entitlement programs like Social Security and Medicare are slashed.
Obama called his new budget one of "tough choices and sacrifices," but most of those cuts would be held off until after the end of his first term.
Overall, Obama proposed trimming the deficits by $1.1 trillion over a decade. The administration is projecting that the deficit will hit an all-time high of $1.65 trillion this year and then drop sharply to $1.1 trillion in 2012, with an expected improvement in the economy and as reductions in Social Security withholding and business taxes expire.
(Excerpt) Read more at news.yahoo.com ...
Imagine a 4 foot by 4 foot pallet covered with $100 bills 4 feet high.
Now imagine a football field covered with pallets of $100 bills.
Now stack them 4 high.
That is the budget Obastard has proposed.
Who is John Galt click here.
Run Sarah Run!
.
Nope. They add up to just over 40% (40.61%).
FY2010:
And right there is money (and trees) completely p*ssed away. That bundle of four volumes costs $214 from the GPO.
Even the CD-ROM version from CPO costs $27!
In 2011, we have these things called iPads...
The total income tax revenue is $1.45 trillion. He wants to spend $3.73 trillion. Obama LIED when he said he was the most fiscally responsible President and that we must live within our means. His budget is not less than $2.28 trillion in the red.
Translation: Obama’s “budget” would almost double the national debt in ten years, from the current $14 trillion to about $27 trillion (about $250,000 PER TAXPAYER). The $3.7 trillion spending “budget” for fiscal 2012 includes deficit spending of $1.6 trillion. (We all know it would be more.) The claim that Obama’s numbers include a 10 year debt reduction plan of $1.1 trillion is fiction. His entire budget is fiction.
It’s very clear that Obama has learned zero from the historic losses the Demo-Socialists incurred in November 2010. The guy is ignorant, arrogant, pig-headed, and treacherous.
Uncovered: The 15 Tax Hikes Hidden in Obama’s New Budget
http://www.theblaze.com/stories/uncovered-the-15-tax-hikes-hidden-in-obamas-new-budget/
I now know that I'm in a parallel universe. "I see dead people".
Yes, it's really that simple. As some are saying in the House, just "reduce spending to pre-2008 levels". Although that wouldn't be enough for me, it would be a great start. But no, they quibble over 100's of billions (not TRILLIONS) that don't even touch the national debt.
Think cash.
he will spend every dollar that the government takes in .. not accounting for over runs. Calls it a balanced budget because there is no plan to borrow money.
But of course it will come when the states can not meet their mandates and go to the fed for aid.
where will they get the money??
CHINA!
That is the 2010 budget. The 2012 budget for Medicare, Medicaid, and SS is $1.918 Trillion. Well over half the budget.
http://www.nytimes.com/packages/html/newsgraphics/2011/0119-budget/
When are we going to have our own Tahrir Square moment?
Fed up enough yet??????
I recall democrats crucifying Republicans for running a “staggering” $400 billion deficit just a few years ago. Oh how I yearn for a measly $400 billion deficit....
lol
“where will they get the money??
CHINA!”
Nope, not even China has the cash to buy up this much debt. Our previous model was selling our debt to Japan, Saudi Arabia and China; we’ll call it “the British Model” since this was how Britain financed WW1; selling war bonds on the New York market. But this model has been made a dead letter by the skyrocketing increase in the deficits. Our annual debt issuance now exceeds the capacity of the entire world’s financial markets to absorb that debt.
So where will we get the money? Meet the new model; we’ll call it “the German Model” because this is how Germany financed it’s WW1 debt. Today it has a new name: “Quantitative Easing.” The Germans simply called it “printing money.” Hello Weimar-style turbo-inflation.
GEICO stands for "Government Employees Insurance Company" (Seriously).
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